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Report of the directors
Financial analysis
Statement of director's responsibility
Report of the auditors
Five year financial summary
Quarterly analysis of turnover and profit
Account policies
Group profit and loss account
Group statement of total recognised gains and losses
Group cash flow statement
Group balance sheet
Balance sheet of the company
Notes to the financial statements
Participating interests
United States Generally Accepted Accounting Principles reconciliations
Financial statistics
Operational statistics

Analysis of shareholders
Financial calender and supplementary information

Director's Report ans Financial Statements 1993Director's Report ans Financial Statements 1993 illustration of bird's eye view of houses
Report of the auditors
to the shareholders of British Telecommunications plc


We have audited the financial statements between Accounting policies and Participating interests in accordance with Auditing Standards.

In our opinion the financial statements give a true and fair view of the state of affairs of the company and the group at 31 March 1993 and of the profit, total recognised gains and cash flows of the group for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

Coopers & Lybrand

Chartered Accountants and Registered Auditors

London, 18 May 1993



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